USD/JPY was slow to recover in European trading, with trading continuing around ¥159. Amid persistently high US long-term interest rates and concerns about coordinated Japanese-US intervention, upside remains limited.
Following movements in Japan and the US in European trading, USD/JPY continued to trade around ¥159. At times, it fell back to the ¥159.60 range toward the evening, highlighting the pair's limited upside.
EUR/JPY traded in a range of ¥176.71 to ¥177.00, while EUR/USD moved between 1.1052 and 1.1068. These levels have become the focus of trading.
US long-term interest rates remain elevated, and the dollar has been recovering in some areas. At the same time, concerns about coordinated Japanese-US intervention continue.
Market participants remain focused on the resistance around ¥160 and are aware of the limited upside, while the currency market searches for direction.